He's not punishing "the rich". He's punishing high income earners. It's not the same thing. Obama's wealthy donors and benefactors often have little or no earned income to tax. Their money is inherited and transferred through life insurance trusts, tax-free municipal bonds, real estate investment trusts, "charitable" foundations, and the like.

Capitalist entrepreneurs and producers are his target - so that government can eliminate its competitors as the font of all "investment".